兴业科技(002674) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 reached ¥2,951,085,176.94, representing a 9.32% increase compared to ¥2,699,515,768.67 in 2023[20]. - The net profit attributable to shareholders decreased by 23.97% to ¥141,644,045.92 in 2024 from ¥186,309,609.27 in 2023[20]. - The net profit after deducting non-recurring gains and losses was ¥133,770,325.97, down 25.86% from ¥180,431,975.96 in the previous year[20]. - The net cash flow from operating activities surged by 1,127.74% to ¥309,587,531.84, compared to ¥25,215,994.27 in 2023[20]. - Basic earnings per share fell by 24.08% to ¥0.4846 in 2024 from ¥0.6383 in 2023[21]. - Total assets increased by 9.15% to ¥4,488,448,415.51 at the end of 2024, up from ¥4,112,131,121.95 at the end of 2023[21]. - The weighted average return on equity decreased by 1.94 percentage points to 5.96% in 2024 from 7.90% in 2023[21]. - The company achieved a revenue of 295,108.52 million yuan in 2024, representing a year-on-year growth of 9.32%[48]. - The net profit attributable to shareholders decreased by 23.97% to 14,164.40 million yuan compared to the previous year[48]. - The net cash flow from operating activities increased significantly by 1127.74% to 30,958.75 million yuan year-on-year[48]. Dividend Policy - The company plans to distribute a cash dividend of 1.5 RMB per 10 shares to all shareholders, with no bonus shares issued[6]. - The cash dividend policy includes a distribution of CNY 1.5 per 10 shares, amounting to a total cash dividend of CNY 44,285,568.60, which represents 100% of the profit distribution[189]. - The company has not engaged in cash dividends in the past but has established a clear and transparent cash dividend policy[188]. Business Operations - The company primarily engages in the research, production, and sales of natural cowhide leather, with key products including leather for shoes, bags, automotive interiors, and furniture[36]. - The company has established partnerships with major automotive brands such as Li Auto, NIO, Chery, and Geely, supplying multiple models with automotive interior leather[39]. - The company has a dual R&D system, with a technical center focusing on cutting-edge technology and product development teams in each division, enhancing collaboration with downstream clients[40]. - The company has a strong procurement strategy, allowing it to negotiate favorable purchasing conditions due to its large-scale procurement capabilities[39]. - The company is expanding its international presence by investing in production capacities in Indonesia and Vietnam to better serve international brands[37]. - The company employs a direct sales model for large brand clients and a distributor model for regional market expansion, enhancing market responsiveness[36]. - The company has a diversified product range, including leather for electronic coverings and collagen products, which helps in balancing raw material consumption[42]. - The company has a strong competitive advantage in terms of scale, allowing for effective cost control and resource integration in raw material procurement[41]. Research and Development - The company has filed for 92 effective patents, including 87 invention patents, and has participated in the formulation of 14 national and industry standards[44]. - The company is focusing on developing new functional and high-performance products, including antibacterial and self-cleaning leather[83]. - The company has established a dual R&D system, with 28 R&D projects planned for 2024, focusing on sustainable leather production and innovation[44]. - The number of R&D personnel increased by 7.07% to 303, with a slight decrease in the proportion of R&D personnel to total staff from 8.63% to 8.23%[84]. - R&D investment increased by 7.86% to ¥77,647,809.51 in 2024, accounting for 2.63% of operating revenue[84]. Market Trends and Challenges - The retail sales of clothing, shoes, and textiles in China grew only 0.3% to ¥1.47 trillion in 2024, indicating weak performance in the sector[33]. - The fluctuation of raw material prices, particularly cowhide, poses a significant risk to the company's profitability[130]. - The changing fashion trends may reduce the demand for natural leather in shoe applications, prompting the company to adjust its product styles and explore new markets[134]. - The company faces risks from environmental policies that may increase operational costs due to stricter pollution regulations[128]. Corporate Governance - The company has established a complete and independent procurement, production, sales, and R&D system, demonstrating its capability for independent market operations[147]. - The company adheres to legal and regulatory requirements in governance, ensuring transparency and effective communication with investors[146]. - The company has maintained compliance with corporate governance standards, ensuring no major discrepancies with regulatory requirements[146]. - The current board of directors and senior management have not experienced any changes in their positions during the reporting period[157]. - The company has not reported any dismissals or resignations among its directors or senior management during the reporting period[157]. Employee Management - The total number of employees at the end of the reporting period was 3,680, with 2,490 in production, 115 in sales, and 540 in technical roles[182]. - The company emphasizes a salary policy that prioritizes efficiency while ensuring fairness, aiming to attract and retain key talent[184]. - The company has a training program in place to enhance employee skills and capabilities through various training methods[185]. - The company has implemented a stock option incentive plan, granting 13.4 million stock options at an exercise price of CNY 8.19 per share to 251 eligible participants[191]. Strategic Initiatives - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of 500 million RMB allocated for this purpose[7]. - A new strategic partnership was formed with a leading tech firm, expected to drive innovation and market reach[8]. - The company plans to increase its marketing budget by 15% to support brand awareness initiatives[9]. - The company is set to review its stock option incentive plan, with adjustments to the exercise price proposed for 2023[179].